Parallel Session Papers for Download - FMM 2018

Parallel sessions A - Friday 09.00-11.00, October 26 2018

The Cambridge–Cambridge Controversy on the Theory of Capital: 50 Years After (sponsored by Keynes Gesellschaft)

The Capital-theoretic problem – “What means do you have of ascertaining the equal value of capital?“ asks Ricardo McCulloch
Heinz D. Kurz
What remains of the Cambridge critique when Reswitching and Reverse Capital Deepening are unlikely
Bertram Schefold
Capital and Time: Hicks and Böhm-Bawerk modernized
Carl Christian von Weizsäcker

Abstract for all Paper

European Integration

Employment protection and labour market performance in European Union countries during the Great Recession
Jesus Ferreiro (University of the Basque Country), Carmen Gomez
Negative versus positive integration in the EU: an empirical analysis
Andrew Watt (Macroeconomic Policy Institue (IMK))
Structural change in times of increasing openness: assessing path dependency in European economic integration
Philipp Heimberger (Vienna Institute for International Economic Studies), Claudius Gräbner, Jakob Kapeller, Bernhard Schütz
Common European sovereign bonds: The potential of Eurobonds as a crisis management tool
Sophie-Dorothee Rotermund (HWR Berlin), Brittany McGhee, Miriam Barakat

Network for Pluralist Economics: the Movement’s relation to the ‘Mainstream’

Pluralism in economics: its critiques and their lessons
Birte Strunk (Wirtschaftsuniversität Wien), Claudius Gräbner
Pluralism in economics: How is this still a thing?
Svenja Flechtner (Universität Siegen)
Empirics or Evaluation? Normativity in contemporary mainstream economics.
Florian Rommel (Cusanus Hochschule), Felix Kersting
A Mental Monoculture - Or, What is Actually the Opposite of Pluralist Economics?
Silja Graupe


The evolution of financial fragility: A quantile decomposition of firm balance sheets
Leila Davis (University of Massachusetts Boston), Joao de Souza, Gonzalo Hernandez
Microfinance and the Care Economy: A Macroeconomic Approach
Ramaa Vasudevan (Colorado State University), Srinivas Raghavendran
Political Economy of Finance: Regulatory Competition in Securities Markets
Jure Jeric (Oxford University)
Crisis and recovery of financialization: Financialization, globalization and monopolization of US  nonfinancial corporations
Özgür Orhangazi (Kadir Has University)

Macro-Financial models, Complexity and Instability

Aggregate Fluctuations and the Global Network of Input-Output Linkages
Alexander Hempfing (University of Bamberg)
Visualising financial systems
Philippa Sigl-Gloeckner (Oxford/Imperial College London)
A multi sectorial approach to financialization
Marwill J Davila Fernandez (University of Siena)
Financial crisis network effects on developing economies: the role of ‘too big to fail’ countries
Mauricio Rada-Orellana (Universidad del Pacifico)

Empirical Stock Flow Consistent Modelling

Foreign Direct Investment, the exchange rate and the feasibility of the low-carbon transition: Evidence  from an empirical stockflow consistent model
Antoine Godin (French Agency for Development), Devrim Yilmaz, Etienne Espagne, Florent Mc Isaac, Luis Reyes
Guidelines for policy oriented empirical stock-flow-consistent models for whole countries
Gennaro Zezza (University´Di Cassino & Levy Institute of Economics), Francesco Zezza
The debate on macro and the SFC approach: Where do we stand?
Francesco Zezza (University of Siena Department Political Economy)
The French economy through the lens of an empirical Stock-Flow model
Luis Reyes (Agence Française de Développement), Jacques Mazier



Parallel graduate student sessions S - Friday 11.30-13.30, October 26 2018

Wages and Productivity

Labour Market Policies during Recessions- An ABM-Approach
Tom Bauermann (Ruhr-Universität Bochum and Ruhr Graduate School in Economics)
Does productivity pay off? The link between productivity and pay in the EU. The case studies of Techint and Arcor
Christoph Prenner (Vienna University of Economics and Business)
Does Output influence Productivity? A Meta-Regression Analysis
Ludwig List (University Paris 13)
Interpreting international cost competitiveness in a dynamic context
Sascha Keil (TU Chemnitz)

Inequality / Tax Policys

Income inequality and redistribution in the aftermath of the 2007-2008 crisis: the US case
Vanda Almeida (Paris School of Economics)
The Comparative Political Economy of Financialisation and the Labour Share in the long-run: France (1911-2010) and Sweden (1891-2000)
Giorgos Gouzoulis (King‘s College London)
Tax haven investors and corporate profitability in Germany. Evidence of profit shifting by German-based affiliates of multinational firms
Sarah Godar (Berlin School of Economics and Law / Charles University Prague)
On income tax avoidance – the case of Germany revisited
Hannes Fauser (Free University of Berlin)

Distribution and Growth

The Impact of Functional Income Distribution on Capital Accumulation in Turkey: A Linear and Non-Linear ARDL Analysis
Eren Yildirim (Hitit University)
Personal Income Distribution and Progressive Taxation in a Neo-Kaleckian Model: Insights from the  Italian case
Maria Cristina Barbieri Góes (University Paris 13)
Current account imbalances and financial fragility in the Eurozone: a stock-flow consistent approach
Achilleas Mantes (University of Greenwich), Maria Nikolaidi
Stabilizing national models and competing internationally? Research proposal with first theoretical and empirical evaluations of Neo-Kaleckian growth models in Germany and Sweden
Janina Urban (Forschungsinstitut für gesellschaftliche Weiterentwicklung)

Europe and China

A long-term perspective on the public debt-economic growth nexus for selected southern Eurozone  countries
Mario Durán-Bustamante (Instituto Politécnico Nacional), Carlos Carrasco
Role of the Eurozone membership in the post-crisis stabilisation: Comparison of Slovakia and the Czech Republic
Ema Grajcarova (London School of Economics and Political Science)
Chinese outward directed Investment in the EU in the context of the European Crisis - a theoretical and empirical analysis
Christopher Dathe (University of Limerick)
The Missing Defaults until Next Crisis: Evidence from Chinese Lending to Other Developing Countries
Haiyang Zhang (Harvard Kennedy School)

Instability and Cycle

Are Kalecki-Minsky models consistent with the data? Evidence from the US
Alejandro González (Universidad de Chile)
Is capacity utilisation stationary? A critique of the Kaleckian model
Santiago Gahn (Università degli studi di Roma Tre), Alejandro Gonzalez
Can degrowth be macroeconomically stable? An exploration in the neo-Kaleckian framework
Antoine Monserand (Université Paris 13)
Transition Dynamics, Uneven Development and Business Cycles in Thirlwall’s Framework
Danilo Spinola (UNU-Merit)

Firms, Finance and Instability

Innovation and export performance in different groups of sectors and countries
Ana Carolina Bottega de Lima (Federal University of Minas Gerais), João Romero
A Toxic Cocktail: Low Interest Rates and Banks‘ Search-For-Yield Behavior
Benjamin Lojak (University of Bamberg), Tomasz Makarewicz, Christian R. Proaño
The Myth of Corporate Individualism: Common Profitability Dynamics Around the World
Christian Babirat (University of Bamberg)
Uncertainty and Aggregation
Markus Epp (University Freiburg)



Parallel Sessions B - Friday 15.00-17.00, October 26 2018

New Economic Thinking: research supported by the FGW Düsseldorf

The Focus of Academic Economics: Before and After the Crisis
Ernest Aigner, Matthias Aistleitner, Florentin Glötzl, Jakob Kapeller
Microeconomic and Macroeconomic Textbooks and the Financial Crisis
Helge Peukert, Christian Rebhan
Interactive Macroecononomics - A Pluralist Simulator
Alessandro Bramucci, Eckhard Hein, Franz Prante, Achim Truger
Bridging Theory and Practice: Exploring Economics as an Incubator for New Economic Thinking
Daniel Obst

Marx‘ Economics - Still Relevant?

Marx and Keynes: from exploitation to employment
Fritz Helmedag (TU Chemnitz)
Karl Marx – an early post-Keynesian?
Eckhard Hein (Berlin School of Economics and Law)
Functional income distribution in the Marxian work and alternatives
Hansjörg Herr
Financialization from a Marxist Perspective and its Gender Implications
Brigitte Young (University Münster)

Wages and Employment in Post-Keynesian Models

Introducing Minimum Wages in Germany : Employment effects in a Post Keynesian Perspective
Toralf Pusch (Institute of Economic and Social Research)
Normal utilization as the adjusting variable in Neo-Kaleckian growth models: a critique
Riccardo Pariboni (Roma Tre University), Daniele Girardi
The impact of the wage moderation policy on the labour productivity. The Italian case in a Kaleckian-Kaldorian perspective (1992-2013)
Nicolò Giangrande (University of Salento)
An Open Economy Kaleckian Model with Public Expenditure
Bruno Amable (Université de Genève)

Emerging Markets

Post-boom macro policies in an oil-dependent and democratic less-developed country. Waiting for Godot?
Alejandro Márquez-Velázquez (Freie Universität Berlin)
Corporate Debt Expansion in Emerging Countries after 2008: Profile, Determinants and Policy Implications
Cristiano Boaventura Duarte (University Paris 13)
Safety for Whom? The Scattered Global Financial Safety Net and the Role of Regional Financial  Arrangements
Barbara Fritz (FU Berlin), Laurissa Mühlich
Investment, aggregate demand and wages: the Brazilian economic regimes and the possibility of a regime switch
Lilian Nogueira Rolim (University of Campinas)

Inequality, Macroeconomic Activity and Political Polarization

Growth and Distribution with Endogenous Political Preferences
Giorgos Galanis (Goldsmiths, University of London), Corrado Di Guilmi
Inequality, Macroeconomic Performance and Political Polarization: An Empirical Analysis
Juan Carlos Peña (University of Bamberg), Christian R. Proaño
A Comparative Analysis of National Unemployment Benefit Schemes in Europe
Martha Düker (University of Bamberg), Christian R. Proaño

Stock-Flow Consistent and Agent Based Models

Consequences of different regimes of pass-through mechanisms in an open Economy SFC model: The Paradox of stabilising sticky prices
Emilio Carnevali (University of Leeds)
Inequality and Finance in a Rent Economy
Alberto Botta (University of Greenwich Business School)
How does monetary policy affect income and wealth inequality? An agent-based stock-flow consistent analysis
Yannis Dafermos (University of the West of England), Christos Papatheodorou
How are exchange rates determined? An AB-SFC perspective
Dany Lang (University of Paris 13), Federico Bassi, Raquel Aleida Ramos



Parallel Sessions C - Saturday 09.00 - 11.00, October 27 2018

Finance and the Economy

From prosperity into the crisis and back
Stephan Schulmeister
Investment and saving in a dynamic approach
Claudio Sardoni (Sapienza University of Rome)
The Financial Innovation Hypothesis: Schumpeter, Minsky and the sub-prime mortgage crisis
Eugenio Caverzasi (Università Politecnica delle Marche), Daniele Tori
When Does Finance Add Value?
Dirk Bezemer (University of Groningen), Jacob Assa

Inequality, Wealth and Consumption

Income Shares, Secular Stagnation, and the Longrun Distribution of Wealth
Daniele Tavani (Colorado State University), Luke Petach
Technological Change, Household Debt, and Distribution
Yun Kim (University of Massachusetts), Eric Kemp-Benedict
A Simple Model of Financial Crises: Household Debt, Inequality and Housing Wealth
Richard Senner, Didier Sornette
Why do people hold wealth? Some experimental evidence
Sebastian Gechert (Macroeconomic Policy Institute (IMK))

Labour Market and Inequality

Macroeconomics effects of work-time reduction: an application of Bhaduri-Marglin model to the Spanish economy
Paloma Villanueva (Complutense Institute of International Studies), Luis Cardenas
Inequality of working hours, income inequality, and the role of collective bargaining in Germany
Stefanie Gerold (Macroeconomic Policy Institute (IMK)), Ulrike Stein
Making sense of Piketty’s ‘fundamental laws’ in a Post-Keynesian framework
Stefan Ederer (Austrian Institute of Economic Research (WIFO) and Vienna University of Economics and Business), Miriam Rehm
Wage Inequality Between Industries: Persistent Differences and Turbulent Equalization
Patrick Mokre (The New School for Social Research), Miriam Rehm

Imbalances, Growth and Fiscal Policy

The Brazilian monetary and fiscal policies from 2011 to 2017: conventions and crisis
Fernando Ferrari-Filho (Federal University of Rio Grande do Sul) Philip Arestis, Marco Flávio Resende and Fábio Bittes Terra
Effective corporate tax rates and investment
Thomas Goda (Universidad EAFIT), Sebastián Ballesteros Ruiz
Economic Growth and the Impact of Taxation: A Spatial Econometric Approach for OECD Countries, 1995–2014
Philipp Gerhartinger (Chamber of Labour for Upper Austria), Philipp Haunschmid
Solving the Twin Deficit Puzzle: Evidence from a Panel of OECD Countries
Christian Breuer (TU Chemnitz), Chang Woon Nam

Housing Market

Main and Contributory Causes of the Recent Financial Crisis and Economic Policy Implications
Philip Arestis (University of Cambridge)
Income inequality, housing bubbles, and the financial crisis
Rafael Wildauer (University of Greenwich), Jan Behringer
10 years after the financial crisis: Is the next house price bubble around the corner?
Elisabeth Springler (UAS BFI Vienna)
The macroeconomic effects of household debt and housing-prices: A structural VAR analysis
Christian Koutny (Kingston University London)

Modelling financial and business cycles

Great Moderation or Financialization of Volatility? An Integrated Macroeconomic Approach
Jacob Assa (The New School for Social Research)
Short and medium term financial-real cycles: An empirical assessment
Karsten Kohler (Kingston University), Engelbert Stockhammer, Robert C. Jump, Julian Cavallero
Torn between Two Masters: Class Struggle and Economic Collapse in a Demand-led Goodwin Model
Sakir Devrim Yilmaz (Agence Française de Développement), Antoine Godin
Testing Goodwin with a Stochastic Differential Approach The United States (1948 - 2017)
Florent Mc Isaac (Agence Française de Développement)



Parallel sessions D - Saturday 11.30 - 13.30, October 27 2018

The Political Economy of Demand and Trade

Differences in Wage-Determination Systems between Regular and Non-Regular Employment in a  Kaleckian Model
Hiroaki Sasaki (Kyoto University), Sonoda Ryunosuke
Revisiting debt-led and export-led growth models: a sectoral balances approach
Till van Treeck (University of Duisburg-Essen), Jan Behringer
Managing the Discontent of the Losers
Mark Setterfield (The New School for Social Research)
Eurozone Imbalances, Trade Competitiveness and Inequality
Cem Oyvat (University of Greenwich), Sakir Devrim Yılmaz

Distribution & Growth

Harrodian instability in a post-Keynesian growth and distribution model
Cédric Rogé (Université de Lille)
The Supermultiplier Model and the Role of Autonomous Demand: An Empirical Test for European

Ettore Gallo, Vinicius Diniz Moraes, Maria Cristina Barbieri Goes
Some comments on the Sraffian Supermultiplier approach to growth and distribution
Michalis Nikiforos (Levy Economics Institute of Bard College)
An Attempt at a Reconciliation of the Sraffian and Kaleckian View on Desired Utilization
Reiner Franke (Christian-Albrechts-University of Kiel)

Preparing for the next crisis: a macroeconomically sensible European Fiscal governance

Euro area macroeconomics, where do we stand?
Catherine Mathieu (OFCE), Henri Sterdyniak
After the crisis: Public debt sustainability, fiscal policy and growth perspectives in Spain
Jorge Uxo (University of Castilla – La Mancha), Nacho Alvarez, Juan Ruiz
Austrian fiscal policy: less consistency due to European restrictions
Georg Feigl (Austrian Chamber of Labour)
German fiscal policy: the vulnerable role model
Katja Rietzler (Macroeconomic Policy Institute (IMK)), Achim Truger

Fiscal and Monetary Policy

Can a Populist Government of a Euro Area Member State Keep Its Government Bond Yields Down? A Public Bank to Circumvent the Prohibition of Monetary Financing
Oliver Picek (Wirtschaftsuniversität Wien)
Strategic silence in central bank communication
Maximilian Düsterhöft (TU Dresden) Benjamin Braun
Have fiscal rules made discretionary policy more countercyclical? Evidence from fiscal reaction functions for the Euro area
Christoph Paetz (Macroeconomic Policy Institute (IMK))
Exploring new national fiscal policy rules in the Euro Area
Jan Priewe (Macroeconomic Policy Institute (IMK)

Environmental policy

Sraffian Supermultiplier, Mission-Oriented Innovation Policies and Ecological Sustainability: A Stock-Flow Consistent Model
Marco Veronese Passarella (University of Leeds), Matteo Deleidi, Riccardo Pariboni
Fostering green investments and tackling climate-related financial risks: which role for macroprudential policies?
Paola D‘Orazio (Ruhr Universität Bochum), Lilit Popoyan
An assessment of green differentiated capital requirements
Maria Nikolaidi (University of Greenwich), Yannis Dafermos
An Environmental Kuznets Curve for Consumption-Based CO2 Emissions Does not Exist
Enno Schroeder (TU Delft), Servaas Storm

Banking and Finance 10 Years After: A View from Financial Geography

Resilience of the financial sector: The case of Goldman Sachs during the 2007-2009 global financial crisis
Vladimír Pažitka (School of Geography and the Environment, University of Oxford)
Politics and Technology in the Global Financial Networks: Evolution of the Asset Management Industry, 2006-16
Michael Urban (School of Geography and the Environment, University of Oxford)
Resilience of the US securities industry to the global financial crisis
Dariusz Wójcik (School of Geography and the Environment, University of Oxford), Theodor F. Cojoianu
Too Big To Fail: Why Megabanks Have Not Become Smaller Since the Global Financial Crisis?
Stefanos Ioannou (School of Geography and the Environment, University of Oxford), Dariusz Wójcik, Gary Dymski



Parallel sessions E - Saturday 15.00 - 17.00, October 27 2018

Monetary Economics

Further insights on endogenous money and the liquidity preference theory of interest
Marc Lavoie (University of Paris 13), Severin Reissl
The Introduction of the Euro: Who Warned, and Why?
Johannes Schmidt (Karlsruhe University of Applied Sciences)
On the future of the U.S. dollar hegemony
Joerg Bibow (Skidmore College and Levy Economics Institute)
The “uncovered inflation rate parity” condition in a monetary union
Paolo Pasimeni (IES-VUB (Institute for European Studies at Vrije Universiteit Brussel), Nicola Acocella

Macroprudential Supervision After the Great Recession – The End of Financial Crises?

Recent experiences with macroprudential supervision within the Eurozone
Albrecht Sommer
Macroprudential Supervision After the Great Recession in Europe – The End of Financial Crises?
Martina Metzger, Zeynep Nettekoven, Hansjörg Herr
Macroprudential Supervision After the Great Recession in Europe
Dorothea Schäfer

Labour Market

A short story of the Phillips curve: from Phillips to Friedman… and back?
Walter Paternesi Meloni (Roma Tre University), Antonella Stirati
Macroeconomic effects of the German minimum wage on selected variables
Camille Logeay (Hochschule für Technik und Wirtschaft), Alexander Herzog-Stein
Firms Resistance to Unionism and its Determinants: Evidence from a Field Experiment
Patrick Nüß (Macroeconomic Policy Institute (IMK))
Overhead labour costs in a neo-Kaleckian growth model with autonomous expenditures
Won Jun Nah (Kyungpook National University), Marc Lavoie

Technology and Growth

Structural Change and the Wage Share: a Two-Sector Kaleckian Model
Luca Zamparelli, Lucrezia Fanti, Elton Beqiraj
From Secular Stagnation to a Technology-driven Upswing? A Comparison of US and German Productivity Data
Torsten Niechoj (Rhine-Waal University of Applied Sciences)
A New Theory of Wage-led Growth: The Role of Induced Technical Progress and Schumpeterian Growth
Thomas Palley (AFL-CIO)
Reconciling Supply and Demand: New Evidence on the Adjustment Mechanism Between Actual and Potential Growth Rates
Arthur B. Cordeiro (Federal University of Minas Gerais), João P. Romero

Macro Financial Crises-Economic History, Imbalances and Policy implications

Global Financial Cycle and Transmission Mechanisms in Emerging Markets
Renato de Souza Rosa (University of Campinas)
The Implications of Monetary Policy in a Financialised Economy: A Stock Flow Consistent Model
Rosa Carnelli (University of Leeds)
Banking on Burden Reduction: How the Global Financial Crisis Shaped the Political Economy of Banking Regulation
Gilberto Libânio (Federal University of Minas Gerais), Julia de Furquim Werneck Moreira
Does too much finance harm growth?: Pre and post global financial crisis analysis
Elya Nabila Abdul Bahri (Universiti Kebangsaan Malaysia)

Expectations, Interactions and Social Influence Dynamics

Tax Compliance and Tax Morale - An Agent-Based Model Approach
Fernando Garcia Alvarado (Ca‘ Foscari University of Venice & Université Paris 1), Paolo Pellizzari
Monetary policy and prudential regulation in a hybrid AB-SFC model with heterogeneous expectations
Severin Reissl (Università Cattolica del Sacro Cuore / Universität Bielefeld)
Endogenous Beliefs and Social Influence in a Simple Macroeconomic Framework
Roberta Terranova (Universität Bielefeld)
Are stock buybacks crowding out real investment? Empirical evidence from U.S. Firms
Enrico Maria Turco,(University of Amsterdam & Università Cattolica del Sacro Cuore)




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